RIYADH, 21 August - Security authorities have arrested a foreign investor while he was planning to flee the Kingdom with money taken from three major Saudi companies using forged signatures.
They nabbed the man a few hours before he was to take a flight from King Khaled International Airport here.
Informed sources identified the man arrested for forgery and swindling as a Lebanese national who owned a private firm (Al-Tandheem Contracting Company) located at Prince Saud Street in Riyadh's Murooj District.
The sources said the man forged official signatures of managers of three Saudi companies and issued checks on their behalf for different amounts. He drew less than SR1 million to avoid suspicion, they added.
The man was arrested after officials at Saudi American Bank and National Commercial Bank raised doubts on his monetary transactions.
The investor later admitted his false operations to the police.
Naif Al-Otaibi, director of Saudi American Bank in Murooj, said the alleged swindler used to visit the bank in the evening hours in order to avoid his credentials being checked with government departments and companies.
The investor was withdrawing money through checks giving 100 percent correct signatures of company officials. He signed all the checks in favor of his private company.
The man also presented himself as the representative of the company's owner.
He withdrew the money and deposited it in his private account through a third bank.
Saudi investors who were allegedly cheated by the man said the deceitful investor was exploiting the facilities being provided to foreign investors. He was able to carry out his tricky operations using officials channels.
Security authorities, however, reassured the companies cheated by the foreign investor that their rights would be protected, adding that the man was not able to use even a single riyal from the swindled money.
Meanwhile, two Saudis aged 23 and 29 were arrested by police in Mikhwat for stealing a Hilux pickup from Baha and taking it to Mikhwat.
The vehicle was taken away from the parking lot of a restaurant.
Security authorities informed the patrol police in nearby cities soon after receiving information of the theft to track down the men. According to Okaz daily, the two parked the vehicle away from Mikhwat checkpoint and tried to run away to a mountainous area.
